Gulf Shores Condos, Orange Beach Real Estate, FSBO

Buy a Condo, Gulf Shores & Orange Beach Resort Property

Factors to Consider When Buying a Condo

Gulf Shores - Orange Beach - Perdido Key

Homeowner Association Issues

Membership in the condominium Homeowner Association (HOA) is mandatory for condominium owners; members of a HOA own an undivided interest in the common property, including any liabilities. A poorly managed community can expose HOA members to significant financial liability.

Are the common areas properly maintained?

Common
components such as the roof, building envelope and elevators a few
big-ticket items that, if not property cared for, could result in a
special assessment of $1000's for a new condo owner.

Are there any existing financial concerns, or pending legal matters with the HOA?

Legal
issues (lawsuits, foreclosures) and unpaid assessments or a the lack
of a reserve fund (for the projected repair/replacement of common
elements) could mean the new HOA member will be responsible for an
inequitable, financial liability.

Physical Condition of the Property

While a typical Home Inspection
will usually suffice in determining the physical condition of the
individual unit, a new condo owner should also be concerned with the
current condition of the common property, since they will own an
undivided interest in these components - including any liabilities (see
HOA above). It's important to determine the condition of the major
common elements, and to verify the existence of a Reserve Fund to pay for the periodic repair/replacement of the major components - such as the roof, elevators, building envelope, etc.

Advocate or Salesperson?

"Caveat Emptor" - Let the Buyer Beware."

Both
Florida and Alabama are caveat emptor states, and while a seller is
obligated to disclose any "known" adverse conditions, there is no
requirement to disclose adverse conditions that may not be know to the
seller, or their agent. When investing in real estate, the last thing
you need is to be "sold" on a deal by a salesperson that is more
concerned with a commission check than protecting your best interest - always insist on a signed buyer agency agreement with a real estate agent, establishing a fiduciary responsibility to protect your best interest.

Buying
resort real estate has become increasingly complicated, especially
when homeowner association is involved, always use a PreferredPartner™ when investing in Real Estate. Visit -